Are you suffering a financial hardship and feel that you need to use bankruptcy to get out of it? If so, it is always best to use a bankruptcy lawyer to help you through the process. With their help, you'll be guided through the process so it goes smoothly. Here are some of the reasons to use a bankruptcy lawyer.
Determining If Bankruptcy Will Be Best
The beginning of the bankruptcy process is often the most confusing aspect of it.
As you are gathering up your documents and working with your bankruptcy lawyer on a Chapter 13 plan, you will probably be wondering how much of your paychecks you will have to pay for the payment on the plan each month. This is a good question to ask your lawyer, and the answer to this will be different for each case. Here are the factors your lawyer will use in determining the payment amount he or she presents to the court for your Chapter 13 case.
Bankruptcy can be an emotional process, so the thought of going to court for it can be upsetting for some. The process can also be very time-consuming. If you are having some anxiety about going through the bankruptcy process, keep the following in mind:
Get Everything Prepared
One way to make the process less stressful is to be prepared. You will be required to provide an abundance of paperwork regarding your finances, including copies of your tax returns, bank statements, deeds, proof of your assets, and anything else requested by your attorney.
Attorneys have the option to choose from learning about and specializing in various areas of law. Many attorneys choose to focus on practicing tax law, for example. You may have never considered hiring a tax attorney, but there is a good chance that you could benefit from hiring one of these lawyers. These are a few signs that you could benefit from hiring a tax attorney.
1. You Haven't Filed Your Taxes
When you receive a gift, you might assume that you are simply allowed to keep it. However, in some cases, you may be forced to hand your gift over to someone else if the gift-giver was also filing for bankruptcy. Oftentimes, giving a gift is considered fraudulent during bankruptcy because the debtor is expected to hand all of his or her assets over to pay creditors. Therefore, you might become involved in the bankruptcy case if you receive a gift.